QuoteDislikedHi, any shorts went bad at AUDNZD?
I shorted and it hit my 140pip SL, I guess I entered too late then, is this the moment where I should use more leverage and keep entering shorts?
I had a trade similar to that on the Eur/Gbp where I had a valid signal and it went against me. What I do nowadays is place a stop loss at the same level as the top of the previous candle, which shouldnt be more than 60 or 70 pips. I also set up a buy order at the same level and have a T/P at around 100 pips above the previous stop level. It is best to keep an eye on the market during this time as in most cases you can make more pips. From previous mistakes this method would work and leave you with a profit, without being in a big loss.